How Much Does Hot Shot Trucking Insurance Cost?

Need a hot shot trucking insurance quote? How about 3 quotes?

Shopping for truck insurance when you are hot shot can be tough. Getting multiple quotes can save you a bundle. We make the shopping easy by bringing 3 truck insurance agents to you to compete for your policy. Simple!

Hot Shot Truck Insurance Average Cost

We’ve seen quotes ranging from $6,000/yr to over $12,000/yr for a single truck! That’s quite a spread. It definitely pays to shop around find the best coverage at the best price.

The cost of hot shot trucking insurance depends on several factors including:

Which class of truck you drive

Your CDL experience

Your personal credit

Your deductible and limits

Which coverages you need

It also depends on your insurance agent and which companies they are appointed with.

The best thing you can do to lower your hot shot trucking insurance cost is to speak to multiple agents and then choose the one who offers the coverage you need to protect your livelihood at the best price.

Ways to Lower Your Costs

Raise your deductible if you have enough cash reserves

Make sure you have the proper limits on your policy. Think Goldilocks. Get a policy that is jussssst right.

Proper Radius of Operation. If you never go out of State, or never travel over 500 miles, make sure your policy reflects that.

Ask what discounts are available for hot shot truckers.

Pay in full. If you can pay your policy in one lump sum this can save you money.

Cost of Different Required Coverages

Your premium cost is made up of the cost for each of the coverages in your policy.

Liability – The FMCSA requires truckers to carry a minimum of $750,000 in liability. This won’t cut it for hot shots, though. The reason is that load brokers and shippers mostly require $1,000,000 of liability before they will release the load.

Cargo – The cargo limits required by federal statute are $5,000. Again, this won’t help you. Shippers want to see a cargo limit of $100,000. Some loads may require special endorsements like if you are hauling oil or other hazardous materials. If you have multiple loads on your trailer at one time, each BOL is going to require $100,000 in coverage so your policy will need to be able to handle that, in that situation.

Physical Damage Coverage – This insures your truck from damage done to it. Physical Damage Insurance is an umbrella term that includes Collision Insurance (which protects your truck from collisions on the road) and Comprehensive Insurance (which protects it from theft, fire, flooding, and other non-collision damages). Most truckers can’t just buy a new truck and gooseneck trailer if their’s is wrecked, so this coverage is a must.

Bobtail Insurance – Since most hot shot truckers are using 1 ton pick up trucks, this coverage doesn’t really apply. This coverage insures class 7 and class 8 rigs while they aren’t attached to a trailer. This type of insurance is crucial for hot shot truckers who drive large rigs, since it fills gaps in their regular liability coverage.

Best Way to Lower Hot Shot Ins. Costs is to Get 3 Quotes

At the end of the day, you need a policy that fits the our operation. Make sure your agent understands exactly the types of loads you will haul and how far you will travel. You need to find the policy that covers you properly, but at the best price. We can help by bringing you 3 trucking insurance agents to compete for your business. It’s fast, free, and effective! Let’s get started!